Redrow Homes has signed an agreement with Manchester City Council to deliver 400 family homes for the affordable housing market in the north of the city.
The new homes in Harpurhey and Moston will be offered to first time buyers through a 75:25 shared equity loan scheme administered by the council.
Contracts have been exchanged on six different sites around Cole and Albine Street, Princedom Street, Winnie Street, Bute Street, Hanson Road and Kingsley Avenue and detailed planning applications for five of the sites will be submitted to Manchester City Council shortly.
In the meantime, a series of open days are being held locally to promote the plans to local residents, beginning Saturday 6 March.
Sir Richard Leese, leader of Manchester City Council, said: "These plans demonstrate real investor confidence in North Manchester despite the current global economic climate. Improving housing quality and choice in the area is a central part of our strategy to ensure it is a popular place to live.
"These 400-plus new homes will provide affordable, desirable housing options both for existing residents and people who want to move into the area. They will add momentum to the regeneration of Moston and Harpurhey, complementing all the investment that's taking place there."
The six areas to be developed by Redrow range in size from one acre to seven acres, a total of 25 acres in all, and are all within half a kilometre of each other. All six sites were prepared under the Housing Market Renewal Initiative.
Redrow's plans include two, three and four-bedroom homes in a mix of terraced, semi and detached styles, aimed at producing a mix of homes for sole buyers, couples, friends sharing and families. Every home will be offered with the potential to defer 25% of the initial purchase price for up to 10 years as an equity loan and there will be an exclusive sales period in which existing Harpurhey and Moston residents will get the first opportunity to buy the new properties.